Businessweek Archives

Ib Mers May Be Missing Some Links

Up Front


It's not just mainframe computers that IBM has been forced to give deep discounts on. The company is unloading a country club for employees--one of three in the U.S.--for $12.7 million, well under the $20 million asking price. The wealthy village of Sands Point, N.Y., plans to buy the swanky 208-acre club on Long Island Sound for use of the locals--with its 39,000-square-foot mansion, nine-hole golf course, eight tennis courts, two softball fields, hiking trails, and beach.

The club, bought in 1952, was on the market for six months. Buyers, typically developers, were scarce since new zoning laws hiked minimum lot sizes from two to five acres. It costs $1 million a year to maintain; IBMers pay $25 yearly per adult family member.

Other excess IBM property: its Manhattan skyscraper, which real estate sources say went for one-third less than its $300 million asking price. It will keep the other two clubs--in Endicott and Poughkeepsie, N.Y.--but let outsiders join for $150

annually.Ira Sager

Burger King's Young Buns

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

blog comments powered by Disqus